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Saudi Company to Invest $300m in Foreign Fish Farming

SAUDI ARABIA - Gulf investors are planning to develop aquaculture projects in the region and Asian and African countries.

The scheme has been launched at a time when food security is becoming a major concern in the GCC, says Business24-7.

The news agency says that the Saudi-based National Prawn Company (NPC), the world's largest integrated shrimp producer, is planning an initial investment of $300 million (Dh1.1 billion) to start large-scale fish production in Saudi Arabia and other Gulf countries.

The aim is to farm king fish, cobia, barramundi, mahi and milk fish using aquaculture installations on waste coastal desert land.

"We are looking at fish farming in various GCC countries,"General Manager Peter Fraser told Business24-7. "There is lot of opportunities to develop waste desert land in coastal areas in the region. We are also looking at viable projects in African countries which have deserts adjoining coastal regions."